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The Daily Mail - which worried that the "complicated structure" of the Sussex businesses showed that "Meghan planned to keep her and Harry's business as opaque as possible" - is owned by Daily Mail General Trust, which was until 2020 owned by a holding company called Rothermere Continuation Limited, which was incorporated in . The aristocrat is mulling. What's the least amount of exercise we can get away with? [18], Jonathan Harmsworth, 4th Viscount Rothermere. DMGT participates in the successful Zoopla Property Group IPO and sells 40% of its stake. Ordinary Shares or other securities of the Issuer that it may own from time to time, in each case in open market or private transactions, At conservative gathering, Trump is still the favourite. The potential deal would place the Daily Mail and its sister titles squarely in the hands of. RCL already has a 30% stake in the group which also owns the Metro and i newspaper titles and holds all of the vote-bearing shares in DMGTs two-tier stock structure. The Mail on Sunday is launched as a sister title to the Daily Mail. As well as the Daily Mail and Mail on Sunday, the group also owns Metro newspapers and recently acquired The i newspaper and New Scientist. certain assets on behalf of Viscount Rothermere and his immediate family. Story . who owns rothermere continuation limited. Esmond Harmsworth, son of Harold Harmsworth and the second Viscount Rothermere appointed DMGT Chairman. The Rothermere family has agreed to pay 255p a share for Daily Mail and General Trust (DMGT) plus debts, an increase on a 251p - or 810m - offer made in July. Free trials are only available to individuals based in the UK. Read more, The International Consortium of Investigative Journalists, Harmsworth Trust Company (PTC) Limited and Crestbrook Associates (PTC) Limited, each in their capacity as trustees of the Children's Fund, Harmsworth Trust Company (PTC) Limited as trustee of the Main Fund, Harmsworth Trust Company (PTC) Limited as Trustee of The Rothermere Continuation Trust, Canon's Court; 22 Victoria Street; Hamilton; HM 12; Bermuda. DMGT acquires New Scientist, one of the worlds leading science publishing titles. 3: . The Third Viscount Rothermere, Vere Harmsworth, appointed DMGT Chairman. He said he would usually "refer them back to Paul Dacre" but would sometimes raise an issue with the editor if a complaint appeared to have "merit". RCL said the decision comes after "the . The Company has been notified that Rothermere Continuation Limited has entered into a definitive agreement to acquire the entire shareholding of The Esmond Harmsworth 1998 Settlement in the. In evidence to the Leveson Inquiry into press culture, practice and ethics, he stated his role was not to "operationally manage" the company. the Control Persons), are: Trust 1 is a Control Person with respect to The Trust the increased offer were satisfied in due course, including the declaration of the Special Dividend, He provided Lord Leveson with details of numerous lunches and dinners with politicians including Tony Blair, Gordon Brown, David Cameron and Nick Clegg. 1 Level of acceptances and interests in relevant securities. It comes after DMGT and Rothermere Continuation Limited (RCL) reached agreement with trustees of the firm's pension funds, which will see Lord Rothermere inject 412 million into the schemes. cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (the Act) Business Phone: 44 (0) 1534 870670. Daily Mail and General Trust Rothermere Continuation Limited Recent Work Slaughter and May is advising Daily Mail and General Trust plc on the 3.1bn reorganisation of DMGT, comprising a recommended cash offer by RCL and a proposed distribution to all shareholders 3 Nov 2021 The Rothermeres Jersey-registered holding company Rothermere Continuation Ltd (RCL) initially proposed a 251p offer in July for the 64% of DMGT it did not already control, provided a number of preconditions were met. digitGaps report on Rothermere Continuation Limited delivers a detailed in-depth and comprehensive insights of the company, its history, corporate strategy, its businesses and structures, and company operations by examining its performance in local market and global economy. to Receive distributed on December 30, 2021). Combined with the 255p a share offer, the overall deal to take DMGT private is 3.1bn. The possible offer is subject to a number of pre-conditions and, even if satisfied, there can be no certainty that an offer will be made . Following a successful launch to market in 2019, DMGT increases its total investment in Cazoo to 117m. Following the RCL offer becoming unconditional, DMGT distributes 1.3 billion cash to all shareholders and declares the distribution of its holding in Cazoo (completed in June 2022). the British Virgin Islands; and. This website is for Private Investors* only. It follows negotiations between DMGT, Rothermere Continuation Limited (RCL) and pension trustees, with the company agreeing to inject 412m into its various pension schemes as part of the offer. The Daily Mail is owned by billionaire, Jonathan Harmsworth (DMGT Media), 4th Viscount Rothermere, great-grandson of it's founder, Harold Sidney Harmsworth who was close friends with Benito Mussolini and Adolf Hitler. DMGT owns a 17% stake in Cazoo, worth about 1bn (745m). Slaughter and May is advising Daily Mail and General Trust plc (DMGT) on the reorganisation of DMGT, which comprises a cash offer by Rothermere Continuation Limited (RCL) for all the non-voting shares in DMGT (DMGT A Shares) not already owned by RCL (the Offer), and a proposed special distribution to all shareholders of DMGT (the Special Dividend). They wrote: Back in 1999 the young chairman of the Daily Mail and General Trust, the 4th Viscount Rothermere, aka Jonathan Harmsworth, bought a 220-acre estate called Ferne Park as home for his family, then comprising wife Claudia and two children under six. Mr Miliband said the apology was not enough and said Lord Rothermere must investigate the "culture and practices" of journalists at his newspapers. Some information may have changed over time. MailOnline overtakes New York Times as the most visited English language newspaper website in the world. A few years ago Ian Hislop went on a rant on Have I Got News For You after the Mail did a piece on Ed Milibands father claiming he was the man who hated Britain.. DMGT is listed on the London Stock Exchange. [13] They have five children:[citation needed], In 2002, The Guardian reported that Rothermere had fathered at least one more child prior to his marriage. written. The stock exchange announcement offered no reasons why Rothermere Continuation Limited (RCL), the Jersey-registered holding company, has chosen this moment to say it may try to go fully. His great-grandfather, Harold Sidney Harmsworth, set up the Daily Mail along with his brother in the late 19th Century and was made the first Viscount Rothermere in 1919. Early Termination Updates by email. the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Contracts, Arrangements, Understandings Asked why politicians wanted to meet him, he said they "sometimes feel the paper's been hard on them" and asked him to "have some sort of influence". DMGT acquires Genscape, an energy information business. The If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism. This has led RCL and the DMGT board to decide to implement a major reorganisation of the group by distributing the value created by the RMS sale and the Cazoo IPO in conjunction with the offer., He added: We believe the terms of our offer to be fair, particularly bearing in mind not only the existing level of debt within DMGT at a time of increasingly difficult market conditions, but also the restrictions imposed on the operation of the business as part of the settlement with the pension trustees.. and the Issuer share element of the Special Dividend was distributed to Rothermere and to the former Our appraised valuation estimate of only the largest businesses within DMGT materially exceeds double the current offer price of 255p. ROTHERMERE CONTINUATION LIMITED Company Number EXTUID_22647 Native Company Number 41260 Status Live Incorporation Date 7 July 1988 (over 34 years ago) Company Type RC - Registered Private Company Jurisdiction Jersey Registered Address 35-37 New Street St Helier Jersey JE2 3RA Jersey Previous Names BLACKSEA HOLDINGS LIMITED by Each Reporting Person, Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)o, Percent of Class Represented by Amount The offer represents a 21.5% premium to the closing price of DMGT shares on 9 July 2021 (the last business day prior to announcement of the possible offer). Read more, Editorial enquiries, please contact: [emailprotected], Commercial enquiries, please contact: [emailprotected]. Viscount Rothermere currently serves on (a) Full name of discloser: Rothermere Continuation Limited ("RCL ")(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. The family, which founded the Daily Mail in 1896 and listed parent company Daily Mail and General Trust in 1932, has tabled a 255p per share offer valuing the newspaper business at 850m including debt. Jonathan Harold Esmond Vere Harmsworth, 4th Viscount Rothermere (born 3 December 1967), is a British peer and inheritor of a newspaper and media empire founded by his great-grandfather Harold Sidney Harmsworth, 1st Viscount Rothermere. Yet another Rothermere company, Harmsworth Trust Co (PTC) Ltd, registered in the British Virgin Islands, owns 10 English properties, most of them near the Rothermeres' neo-Palladian pile in 200-acre Ferne Park in Wiltshire. It would give RCL at least 500m, and would probably help fund any takeover offer for the what remains of the newspaper group. executive offices at 41 Chalton Street, London, NW1 1JD, United Kingdom. The publisher of the Daily Mail has been reorganising the business through disposals and targeted acquisitions of its own in recent years, having bought the New Scientist magazine in a 70m deal in March, as well as the i newspaper in a 49.6m deal two years ago. Daily Mail and General Trust has been reorganising the business through disposals and targeted acquisitions. It has been estimated Rishi Sunaks wifes non-dom status could have saved her 20 million in taxes on dividends from her shares in Infosys, an Indian IT company founded by her father. Like Mr Dacre, he told the inquiry there had been no phone hacking by journalists at the company's papers, and argued that self-regulation "protects the press from political interference". Check the Appropriate Box if a Member of On the subject, Hislop said: This is the man that hated Britain on the evidence of one entry in a diary when he was sixteen when hed just arrived as a refugee in this country. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations. All rights reserved. He has non-domicile (non-dom) tax status and owns his media businesses through a complex structure of offshore holdings and trusts.[4]. This ICIJ database contains information on more than 810,000 offshore entities that are part of the Pandora Papers, Paradise Papers, Bahamas Leaks, Panama Papers and Offshore Leaks investigations. It comes after DMGT and Rothermere Continuation Limited (RCL) reached agreement with trustees of the firm's pension funds, which will see Lord Rothermere inject 412 million into the schemes. 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Earlier this year DMGT sold its share of car-buying platform Cazoo, which listed in New York via a special purpose vehicle, and disposed of its catastrophe modelling business RMS ahead of Lord Rothermere proposing the share buyback. DMGT, being a subsidiary of Rothermere, has the right to appoint a director to the Issuers board [12], Rothermere married Claudia DeVriese, daughter of Terence J. Clemence, on 15 July 1993. that own the majority of the voting equity interests in Rothermere. Together, the Trust made an offer to the other shareholders of DMGT to acquire from them those shares in DMGT not already beneficially owned by Rothermere. The main asset of RCL is its holding of DMGT Ordinary Shares. Rothermere Continuation Limited. The Fourth Viscount Rothermere, Jonathan Harmsworth appointed DMGT Chairman. Except as set forth in Item 3 above, none of the Reporting Persons or, to the best knowledge of the Reporting This post is by Guy Shrubsole. With this in mind, the Mail shared their outrage at the apparent lack of tax fairness. Daily Mail and General Trust plc (DMGT) 23-Jul-2021 / 15:23 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. While discussions are ongoing and there can be no certainty that a transaction will result . It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. When DMGT is taken private it will leave Reach the parent company of the Mirror, Express and Star national titles, and regional publications such as the Manchester Evening News as the only major UK newspaper group remaining as a publicly listed company on the London Stock Exchange. Our mission is to hold the powerful to account. Early Termination Updates on Twitter. include a signed original and five copies of the schedule, including all exhibits. business. However, the publisher of the Daily Mail said a potential offer was contingent on a number of factors, including a planned sale of DMGTs insurance risk business Risk Management Solutions, and the sale of its stake in the online car retailer Cazoo, which was valued at $7bn (5bn) after being snapped up by a special purpose acquisition company (Spac) in March. The firm said that Rothermere Continuation Ltd, which owns around 30%, had indicated it was prepared to make a possible cash offer of 251p per share for the entire share capital it did not already own, implying an enterprise value of around 810m. The ICIJ Offshore Leaks Database is licensed under the Open Database License and contents under Creative Commons Attribution-ShareAlike license. In accordance with the provisions of General Instruction C to Schedule 13D, the Notes). . Daily Mail owner, DMGT, is close to agreeing a deal with Rothermere Continuation Limited that would see approximately 400m injected into the firm's pension schemes. Lord Rothermere acquired France as his "domicile of birth" upon his birth as his father acquired a French "domicile of choice" by becoming a tax exile in Paris. Geordie Greig's appointment as editor of the Mail on Sunday in 2012 sparked rumours he was being groomed as Mr Dacre's successor, but quotes from Lord Rothermere in Tatler magazine's October 2013 edition said Mr Dacre had signed a new contract. What did your Dad do? Under British takeover rules, the Rothermeres have until Nov. 25 to make a firm offer to buy DMGT via their vehicle Rothermere Continuation Ltd or walk away. Trust 2 is a British Virgin Islands law trust So once you start doing Im looking at your family it gets embarrassing and I think the Rothermere family, if you want to go further back, we get to the great grandfather who lets join in together ran the headline hoorah for the blackshirts.. Harmsworth, the 3rd Viscount Rothermere. BROWSE PEOPLE DIRECTORY People Search share (the Ordinary Shares), of Cazoo Group Ltd, a Cayman Islands exempted company (the Issuer), with principal Daily Mail & General Trust PLC - London-based newspaper publisher, including Daily Mail, Metro and i - Rothermere Continuation Ltd says Friday it owns or has acceptances for its takeover offer for . Special Dividend was comprised of DMGTs holding of shares in the Issuer. A few days later Lord Rothermere wrote to Mr Miliband to apologise "unreservedly" after a Mail on Sunday journalist arrived uninvited at a memorial service for his uncle, seeking information. 2023 BBC. Last month, under a regulatory amnesty following the well-publicised failure of Carphone Warehouse boss and Tory backer David Ross to declare his use of shares as security for personal loans, Rothermere came clean on his own similar arrangements. Rothermere may communicate with the board of directors of the Issuer (the Board), members of management According to the takeover documentation, the reduced cash payable under the special dividend in the firm offer is due to shareholders being offered a greater number of Cazoo shares and the additional contributions that will be made to DMGT pension schemes. Rothermere was incorporated in Jersey and is a resident in Jersey. Always cite the International Consortium of Investigative Journalists when using this data. (Nov 2): Daily Mail owner Lord Rothermere is on the verge of taking the newspaper private after closing in on a deal with its pension funds.Daily Mail & General Trust Plc and controlling shareholder Rothermere Continuation Ltd are "close to agreeing a deal with the trustees" of DMGT's three pension funds, the company said in a statement on Tuesday. shareholders of DMGT for which a date of distribution of the share element of the dividend was determined and communicated on June o. Consequently, DMGT shareholders will also receive a special dividend of 991p per share and a final dividend worth 17.3p a share, bringing the total value of the offer and investor payouts to 12.63 a share, just over 3bn including debts. See Items 7-11 of the cover pages and Item 2 above. are collectively referred to herein as the Filers). agree. L Catterton is 60% owned by the partners of L Catterton . The address of the principal business office of each of the Reporting Persons and the Control Harmsworth held various positions in Associated Newspapers and was managing director of the Evening Standard, when the sudden death of his father in 1998 resulted in his becoming the controlling shareholder[3] and chairman of Associated and of its parent Daily Mail and General Trust just before his 31st birthday. of the DMGT ordinary shares and the remaining DMGT ordinary shares are legally held by the Trust Company as nominee for Rothermere. This Joint Filing Agreement, dated KEY INFORMATION (a) Full name of discloser: Rothermere . Company. assets on behalf of Viscount Rothermere and his immediate family. Lord Rothermere, executive chairman of RCL said of the deal: We believe the terms of our Offer to be fair, particularly bearing in mind not only the existing level of debt within DMGT at a time of increasingly difficult market conditions, but also the restrictions imposed on the operation of the business as part of the settlement with the pension trustees.. The Rothermere family is putting up 255p a share for the publisher, valuing it at 850m. Premerger/HSR Press Releases. Lord Rothermere is also the fourth member of his family to become executive chairman of the group. defined below) which constitute approximately .2% of the class outstanding. MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. Rothermere Continuation Limited (RCL) offers to acquire all of the DMGT shares that it does not already own. We suggest you confirm the identities of any individuals or entities included in the database based on addresses or other identifiable information. But what of the Mail newspaper group itself? Metro is launched as a free newspaper serving urban markets across the UK. Harold Harmsworth made the Mail a very popular newspaper, but has been criticised for supporting Adolf Hitler as the Nazi party rose to power in Germany. The TLE shop is also now open, with all profits going to supporting our work. RCL said the decision comes after . Updated 9th Feb 2020 with more on Richard Drax and Viscount Rothermere.. Dorset is, I think, the loveliest and most intriguing of English counties: a place of ancient chalk downland that sprouts orchids and chalk figures . Trust 2 is a Control Person with respect to Rothermere. Entity: ROTHERMERE CONTINUATION LIMITED Registered in: Bermuda Linked countries: Bermuda Agent: Appleby Search in: Appleby data is current through 2014 read more Incorporated: 01-APR-2013 Connections: Linkurious and Neo4j Officer (14) Intermediary (1) Address (2) Explore more from Paradise Papers Appleby The power players (as defined below) which constitute approximately 5.9% of the class outstanding. [7], He ranked fourth in the Publishing, Advertising, and PR section of The Sunday Times Rich List of 2013 with an estimated wealth of 720 million. The Daily Mail owner said . DMGT acquires Hobsons, a UK-based B2B publishing business. DMGTs share price closed up about 3.5% after news of the potential buyout was announced on Monday, at 10.76. DMGT acquires Landmark, a UK business that provides services to help reduce the risk associated with commercial and residential property transactions. On December 2, 2021, Rothermere formally made an increased offer for those same shares . The cash proceeds of the deals 610p a share would be distributed to DMGT shareholders through a special dividend. The Right Honourable Jonathan Harold Esmond Vere Viscount An earlier version incorrectly said RCL was registered in Bermuda; the company is in fact administered in Jersey. The class of equity security HSR Annual Reports. securities laws or finding any violation with respect to such laws. DMGT acquires the i, a quality, concise UK national newspaper and website. The sale of RMS and the Cazoo initial public offering have delivered excellent shareholder returns, but inevitably DMGT is now a considerably smaller group of businesses, with significantly greater exposure to consumer media, said Jonathan Harmsworth, the fourth Viscount Rothermere, who is the chair of DMGT. Both Bermuda and Jersey are tax havens which, as the Mail explained in a recent article, are a "scourge" which . According to Mr Greenslade, the DMGT chairman "has ignored the legion of complaints about the Mail's nastiness" and "never betrayed any sign of concern about the criticisms". December 2, 2021, Rothermere formally made an increased offer for those same shares. [6], He was a supporter of the former Conservative Party leader David Cameron. In an article on Lord Rothermere, the Guardian's Roy Greenslade wrote that he "has laboured for years under the impression that Daily Mail editor Paul Dacre is some kind of irreplaceable journalistic genius". Acceptance level update. The second precondition was cleared when the online used car seller Cazoo made its $6bn stock market debut in New York. You can also SUBSCRIBE TO OUR NEWSLETTER . LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. acquire from them those shares in DMGT not already beneficially owned by Rothermere. [11], Lord Rothermere chairs the Imperial War Museum foundation, following the tradition set by his great grandfather, the first Viscount. Jonathan Harmsworth, better known as Lord Rothermere, is the chairman of Daily Mail and General Trust (DMGT), which owns newspapers including the Daily Mail, the Mail on Sunday and Metro. [9], The BBC's Newsnight programme at the end of January 2017 reported that former prime minister David Cameron had approached Lord Rothermere to sack Eurosceptic Paul Dacre, the editor of the Daily Mail in the run up to the 2016 EU membership referendum. the laws of Jersey; and. The third precondition was reaching agreement with DMGTs pension trustees which has resulted in a 412m payment into its three main schemes. The company has made 1.2bn from disposals in recent years of its stake in the property portal Zoopla, the education business Hobsons and the energy data firm Genscape. Read about our approach to external linking. 1934, Class A Ordinary Shares, par value $0.0001, (Name, Address and Telephone Number of Person Authorized Majedie Asset Management, an investor in DMGT with a 4.5% stake, said that Rothermere's revised offer was still not generous enough and has urged shareholders not to accept it. The Rothermeres own approximately 30.3% of DMGTs non-voting shares and as a result of a deal completed in 2013, control all of the voting shares in the group. The Rothermere family will offer shareholders 255p a share for DMGT plus debts, a higher price than the 251p a share they initially proposed in July. dmg events is formed (under a different name) to manage and develop a portfolio of events assets. Private Eye also reported on Rothermeres purchase of a 220-acre estate for his family. DMGT was founded by Harold Sidney Harmsworth, the first Viscount Rothermere, in 1922. In 2013, Rothermere, who has until 9 August to make a firm offer for the business or walk away, first signalled that he might seek to take the business private by increasing his control of the family-held voting shares to almost 90%. DMGT is established to manage the family's newspaper interests. All rights reserved. . Boris Johnson weighs offers for his return to journalism, Daily Mail out to stop traitor Sunak as Tory rivals vie for press backing, Nils Pratley on the plans to take Daily Mail news group private, bought the New Scientist magazine in a 70m deal in March. and is a resident in Jersey. Rothermere Continuation Limited (RCL) announced, 22 September, that it had decided to make changes to the composition of the DMGT Board. beneficially owned by it, Rothermere beneficially owned (and continues to own) all of the DMGT ordinary shares. Calculated on the basis that shareholders receive 2.55 per share, a special dividend consisting of 5.68 and 0.5749 shares in Cazoo for each DMGT share and subject to approval, a final dividend of 17.3 pence per share, the deal values the company at 2.7bn at 12.63 per share. 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. The issuer is solely responsible for the content of this announcement. The inclusion of a person or entity in the ICIJ Offshore Leaks Database is not intended to suggest or imply that they have engaged in illegal or improper conduct. Euromoney acquires Metal Bulletin, the industry-leading intelligence service for metals and steel professionals. 240.13d-1(f) or 240.13d-1(g), check the following box.